Senate Confirms Selig to CFTC, Hill to Lead FDIC on Crypto
The US Senate has confirmed attorney Mike Selig as chair of the Commodity Futures Trading Commission and promoted Travis Hill to chair the Federal Deposit Insurance Corp., advancing two nominees seen as supportive of digital asset regulation.
The approvals were part of a package encompassing nearly 100 nominees selected by the Trump administration for positions across the federal government. The slate cleared the Senate in a 53–43 vote on Thursday.
Selig, who previously served at both the CFTC and the Securities and Exchange Commission, said he would prioritize crypto policy when he was nominated in October after being tapped to succeed prior nominee Brian Quintenz.
Hill has been leading the FDIC in an acting capacity and has taken a receptive stance toward digital assets. He has also testified in Congress about reports of banks closing or limiting accounts due to clients’ crypto connections.
The CFTC could gain more explicit authority over crypto markets under a bipartisan Senate bill introduced in November that seeks to make the agency the primary overseer of digital asset spot markets.
The FDIC is expected to play a role in setting standards for stablecoin issuers and shaping how crypto firms access banking services.
Selig in charge until 2029, Hill until 2030
Selig’s term runs through April 2029. Upon being sworn in, he will replace CFTC acting chair Caroline Pham, who had planned to depart following the confirmation of a new chair and join crypto infrastructure firm MoonPay.
Following a series of departures earlier this year that left Pham as the only serving CFTC commissioner, Selig will be the sole commissioner on the typically five-member panel.
Hill will lead the FDIC for the next five years. Martin Gruenberg, the last Senate-confirmed FDIC chair, resigned in January as part of the outgoing administration of former President Joe Biden.
Industry responds to potential regulatory direction
The appointments drew favorable reactions from digital asset industry stakeholders.
Faryar Shirzad, the chief policy officer at crypto exchange Coinbase, said in an X post that Selig’s “experience in crypto and as a federal regulator will ensure that America’s crypto market is governed with fairness, clarity and an abiding commitment to the law.”
Cody Carbone, CEO of industry advocacy group Digital Chamber, called the Senate’s confirmation of Selig an “exciting new chapter,” citing “his track record as a member and a lawyer digging into the complex, technical issues around digital assets.”
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